CBIC vide Notification No. 01/2021 & 02/2021– Central Tax (Rate) dated 2nd June 2021 has reduced the GST rate for certain goods & services and further allowed utilization of ITC by landowner-promoter in case of Joint Development Agreement (JDA). The said amendments have been summarized below :
- Diethylcarbamazine (DEC) tablets rates reduced from 12% to 5% to support the Lympahtic Filarisis (an endemic) elimination programme being conducted in collaboration with WHO.
- Maintenance, Repair or Overhaul (MRO) services in respect of ships and other vessels, their engines and other components or parts – GST Rate reduced to 5% (from 18%)
- The landowner-promoter shall be eligible to utilise the credit of tax charged to him by the developer-promoter for payment of tax on apartments supplied by the landowner-promoter in case of a JDA.